DAX 30 Aiming to Claw Back Losses
- Yesterday’s losing sectors, those within Energy production and the Automobile industry try to claw back losses.
- There are no market moving events on deck until this evening when the Federal Reserve will publish its minutes from the latest FOMC meeting.
Yesterday’s losing sectors, Energy producers and Automobile manufacturers, are today’s current winners. However, the gains for the DAX 30 today are small in relation to this week’s losses. At the time of writing the index (FXCM: GER30) is up by 52 points from yesterday’s low, but down by 338 points from this week’s high of 9906.
The trend is short-term bearish as the March high of 10,118 is being followed by this week’s high of 9906, hence price has been creating lower swing highs since mid-March.
The March 10 low of 9398 is the nearest support level of significance followed by the February 24 low of 9122.
German Industrial Production, published earlier this morning, increased by 1.3% YoY vs. the expected growth of 0.4% YoY. Overnight, Caixin China PMI Services gained by 1.0 to 52.2 from 51.2 in February. There are no market moving events on deck until this evening, when the Federal Reserve will publish its minutes from the FOMC meeting.
DAX 30 | FXCM: GER30
Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano
--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com
Contact and follow Alejandro on Twitter: @AlexFX00
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